Agenus (AGEN) is a biotechnology pharmaceutical company with one commercial product and a broad pipeline of potential therapies. It has licensed potential cancer therapies to several larger pharmaceutical companies. The stock plummeted last week, from $3.63 on the prior Friday and to close at $2.89 on Friday the 22nd, a drop of 20%.
The sell-off was clearly because of the blockchain-based financing deal Agenus announced. I believe the deal was a negative for the company, but that the stock was already undervalued and that the market overreacted to the deal. This article will